I purchased a condo before I was married with a Citi Mortgage first and second. Typical 0 interest 5 year ARM popular in the day. Two years ago I lost my job and started the loan modication process with Citi. After a year of attempting to get a loan mod, I stopped making payment and I was given a trial loan mod within 2 months under the HAMP program. With this 3 month trial loan mod I was able to settle on the 2nd for a small percentage of the amount due. As the end of the 3 months approach I was told that the final loan mod paperwork was in the mail and to keep paying. This went on for approx 4-5 more months. (in this time I also got married and my husband moved into the condo) Then suddenly last spring I received a letter that my loan had been sold to PennyMac. PennyMac refused to accept the loan mod from Citi and required that I reapply. They turned me down twice claiming too little income to meet the HAMP guidelines even though my income was the same as when Citi had approved me for HAMP. I then submitted a 3 loan mod package that include my husbands income and today they rejected me for a third time stating that with the addition of my husbands income we make too much to qualify for HAMP.
Any advice for the next steps I should take? QWR? Give up and short sell?
Anyone ever get a loan mod from PennyMac?
Thanks for your time and advice in advance.